&\multicolumn{4}{c}{Georgia - Competitive Auctions}
            &\multicolumn{1}{c}{30 Days}&\multicolumn{1}{c}{60 Days}&\multicolumn{1}{c}{90 Days}&\multicolumn{1}{c}{120 Days}\\
\hline
\raisebox{-2.3mm}[0mm][0mm]{$\hat{\beta}$}&      -0.398***&      -0.543***&      -0.487***&      -0.478***\\
            &     (0.070)   &     (0.068)   &     (0.063)   &     (0.060)   \\
\hline
Obs.        &       30056   &       30056   &       30056   &       30056   \\
&\multicolumn{4}{c}{Caltrans - Competitive Auctions}
            &\multicolumn{1}{c}{30 Days}&\multicolumn{1}{c}{60 Days}&\multicolumn{1}{c}{90 Days}&\multicolumn{1}{c}{120 Days}\\
\hline
\raisebox{-2.3mm}[0mm][0mm]{$\hat{\beta}$}&      -1.501***&      -1.799***&      -1.459***&      -1.465***\\
            &     (0.291)   &     (0.318)   &     (0.314)   &     (0.302)   \\
\hline
Obs.        &        5895   &        5895   &        5895   &        5895   \\
